Rupee near 10-month high, but suspected RBI intervention limits gains
The pair is expected to hold in 59.45- 59.75 range for the rest of the session
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<a href="http://www.shutterstock.com/pic-145704104/stock-photo-indian-currency-rupees-and-coins.html?src=p5N32CFr8-mqwY5wKad6IA-1-63" target="_blank"> Rupee image </a> via Shutterstock.com
The rupee rose to a session high of 59.45, its highest since July 29, but suspected RBI intervention pushed the pair to 59.55/56 from its close of 59.66/67 on Tuesday.
Traders said the RBI likely started buying dollars around 59.45. Some oil-related dollar demand is also supporting the pair, dealers added.
The pair is expected to hold in a 59.45 to 59.75 range in the rest of the session.
Traders will continue to monitor local share moves for cues, ahead of election results to be unveiled on Friday.
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First Published: May 15 2014 | 10:52 AM IST